The Lede
Top National News
Is the FHA About to Cut Mortgage Insurance Premiums Again?
HousingWire, June 1, 2016--Lane, Ben
Compass Point analysts set odds of additional cut at 60%.
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Zillow Banned from National Association of Realtors’ 2016 Events
HousingWire, June 1, 2016--Lane, Ben
Over the past two years, the biggest names in online real estate have battled it out in court over the alleged theft of trade secrets, but now the billion-dollar battle among Move, the National Association of Realtors, Realtor.com and Zillow is moving beyond the courtroom--to the exhibit hall.
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LenderLive Reorganizes Business Units Following Walz Group Acquisition
National Mortgage News, June 1, 2016--McCullom, Glenn
LenderLive Network, comprised of fulfillment, lending and servicing, and LenderLive Services, encompassing settlement services and LenderLive Document Services, which now includes GuardianDocs and Walz Group, will both report up to the existing holding company, LenderLive Holdings Inc.
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Mortgage Rates Move Sideways after Fed Chair’s Cryptic Comment
Bankrate.com, June 1, 2016--Geffner, Marcie
The crazy-making "probably" came Friday from Federal Reserve Chair Janet Yellen at Harvard University. According to news reports, Yellen said it "probably" would be appropriate for the Fed to raise rates "in the coming months."
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U.S. Banks Eye Jumbo Mortgages
Dow Jones, June 2, 2016--Andriotis, Annamaria
For most large U.S. banks, the jumbo mortgage reigns as the loan they want to hold on their books. It wasn't always this way. Terms can make the loans less appealing to investors in the secondary market, increasing the chances that they will stay on banks' books for many years, said David Stevens, president of the Mortgage Bankers Association.
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Work Moving Too Slowly on Single GSE Security, MBA Chief Says
National Mortgage News, June 1, 2016--Finkelstein, Brad
The move towards a single mortgage security is moving too slowly, and that could result in a setback for this program after the election, Mortgage Bankers Association CEO Dave Stevens said.
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U.S. Construction Spending Tumbled in April
Associated Press, June 1, 2016--Crutsinger, Martin
Construction spending dropped 1.8 percent in April after a 1.5 percent gain in March, the Commerce Department reported Wednesday. It was the biggest monthly decline since a 4.1 percent plunge in January 2011.
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Manufacturers Grew a Little Faster in May, ISM Shows
MarketWatch, June 1, 2016--Bartash, Jeffry
U.S. manufacturers grew in May but at a very slow pace, suggesting the sector is unlikely to speed up anytime soon, a survey of executives found.
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Do You Think CFPB TRID Changes will Heal Mortgage Market?
HousingWire, June 1, 2016--Swanson, Brena
The Consumer Financial Protection Bureau TRID rule is finally up for revisions after industry cries for changes and clarifications.
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Mortgage Applications Drop 4.1% over Fed Rate Uncertainty
CNBC, June 1, 2016--Olick, Diana
Despite strong buyer demand in the housing market, mortgage applications decreased 4.1 percent last week from the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association.
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Fed’s Beige Book: ‘Tight Labor Markets’ Are Pushing Up Wages
Wall Street Journal, June 1, 2016--Lebusdorf, Ben; Sparshott, Jeffrey
Labor markets are tightening across most regions of the U.S., pushing up wages for many workers, the Federal Reserve said Wednesday.
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MetLife Boosts Mortgage Loans After ‘Choppy’ Hedge Fund Results
Bloomberg, June 1, 2016--Chiglinsky, Katherine
MetLife Inc., the largest U.S. life insurer, is increasing bets on real estate as the company scales back investments in hedge funds.
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A Jumbo Shift in the U.S. Mortgage Market
Wall Street Journal, June 1, 2016--Canipe, Chris; Overberg, Paul
The country's banks are increasingly focused on making jumbo mortgages, partly in response to regulatory pressure to curb risks. These high-dollar loans predominantly go to white and Asian borrowers, contributing to a decline in the share of mortgages that go to Hispanics and blacks.
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New GSE Single Security On Track To Go Live In 2018
MortgageOrb.com, June 1, 2016--Barnard, Patrick
The new single security and related platform being developed by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac should be ready to go live later this year, a panel of experts said during the recent Mortgage Bankers Association Secondary Market Conference and Expo.
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Advocacy Groups Renew Pitch to Recapitalize GSEs
Scotsman Guide, June 1, 2016--Whitman, Victor
A coalition of progressive activist associations and small-lender trade groups made another pitch this week to Fannie Mae and Freddie Mac's regulator to recapitalize the government-sponsored enterprises.
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Banks Take a Step Back on Construction Loans
National Real Estate Investor, June 1, 2016--Mattson-Teig, Beth
The volume of commercial and multifamily construction loans put in place in January reached $311.3 billion based on total project value. That represents a 14.3 percent increase year-over-year and a 40.7 percent increase compared to January 2014, according to the Mortgage Bankers Association's Commercial/Multifamily Quarterly Databook for fourth quarter 2015.
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Survey: Economists Give the Presidential Campaign an F and Say the Fed Will Wait
Bankrate.com, June 1, 2016--Hamrick, Mark
Americans restless over an economy and incomes that aren't going anywhere are eager for answers from their elected leaders. But they're not getting them from the presidential candidates, say some of the nation's top private economists, who give the campaigns failing grades on economic matters.
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Residential Finance News
Commercial/Multifamily News
MBA News
MBA Human Resources Symposium Call for Speakers; Deadline June 6
The Mortgage Bankers Association will host a one and a half-day workshop September 13-14 in Washington D.C. and has issued a Call for Speakers for the Workshop. Deadline for submissions is Monday, June 6.
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